It is of utmost importance to read the terms and conditions of a policy to understand the type of medical cover availed. Following are a few factors that must be understood while subscribing for a good health insurance policy for parents or seniors citizen in general. It must be noted that most insurance companies consider people above the age of 60 as senior citizen, or otherwise mentioned in the policy details.
Entry age: There is no standard guideline for the entry age for health insurance for parents. Most of the insurance companies state 60 years as the entry age limit so comparing different policies will help to gain an idea about the same. Likewise, some health insurers do not specify a maximum entry age so this is helpful for almost all individuals availing a health insurance.
Sum Assured: Medical bills and expenses will be reimbursed only up to the sum assured by the insurance company. In other words, health insurance will only pay the ‘sum assured’ and additional expenses incurred have to be borne by the insured. This can be solved by availing a cover having higher sum assured value while purchasing health insurance for parents.
Illnesses Covered: The next important point to understand is the number of illnesses covered including existing illnesses if any. Cover that includes critical or existing illnesses or diseases suffered in past is beneficial.
Renewal of Policy: To ensure health cover at all times, timely renewal of health insurance for parents must be done before the time frame of an existing policy expires.
Premium: Medical insurance premium is generally higher for this category as the risk levels are higher. Opt for health insurance for parents with lower premium and it is recommended to go for individual mediclaim policy instead of family mediclaim.
Hospital Cover: The list of hospitals provided by the insurer must include best medical facilities and services specializing in a range of treatments. Also keeping emergency situations in mind, the list must include such medical facilities in the neighbourhood of an insured.
Below are a few health insurance policies for parents and senior citizens from various companies:
- Silver Health from Bajaj Allianz.
- Varistha Mediclaim offered by National Insurance.
- Red Carpet Health Insurance from Star Health Insurance.
- Optima Restore from Apollo Munich.
- Gold from Max Bupa.
- Care from Religare.